Nearly 250,000 debtors in South Korea have been bailed out via state debt relief programs in the past year, the financial regulator said Thursday, amid criticism that such assistance creates moral hazard. The Seoul government has helped some 249,000 debtors reduce their financial liabilities in the 12 months leading up to the end of March through the National Happiness Fund launched on March 29 last year, according to the Financial Services Commission (FSC).